Tesla is building a cheaper version of the Model X. The car was unveiled at an event in Los Angeles.

The Model Y will have many of the same features as the Model 3 but will be about 10% bigger. It will offer up to 7 seats. Autonomous driving software will be available on the Model Y. Musk describes the Model Y as part of a broader plan to reach the mass market. Early in the Model Y's gestation, Musk wanted to create an entirely new platform for the Model Y, but he was convinced otherwise. Model Y will share around 75 percent of its components with the Model 3 sedan.

Tesla's Gigafactory 1

That should help the crossover make it into production quicker and cost less money to develop. The Long Range version of the Model Y will be available in the fall of 2020, and the starting price is $47,000. The vehicle has a 300-mile range per charge and a top speed of 130 mph. The Standard Range Model Y will be available in the spring of 2021 and costs $39,000. It will have a range of 230 miles and a top speed of 120 mph. Tesla is building another Gigafactory outside Shanghai, and it's expected to build entry-level versions of the Model Y there, but those only for the Chinese market.